Renaissance Technologies LLC Acquires Shares of 300,417 Navan, Inc. $NAVN

Renaissance Technologies LLC purchased a new stake in shares of Navan, Inc. (NASDAQ:NAVN) during the 1st quarter, Holdings Channel.com reports. The fund purchased 300,417 shares of the company’s stock, valued at approximately $3,978,000.

Several other large investors have also recently bought and sold shares of NAVN. Napean Trading & Investment Co Singapore PTE Ltd bought a new position in Navan in the fourth quarter valued at about $100,332,000. Dragoneer Investment Group LLC acquired a new stake in shares of Navan during the 4th quarter worth approximately $35,791,000. Teacher Retirement System of Texas acquired a new position in Navan in the fourth quarter valued at approximately $8,540,000. Teachers Retirement System of The State of Kentucky boosted its stake in Navan by 812.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 118,875 shares of the company’s stock valued at $1,574,000 after acquiring an additional 105,841 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new stake in shares of Navan during the 4th quarter valued at $45,891,000.

Insiders Place Their Bets

In other Navan news, major shareholder Lightspeed Venture Partners Se sold 8,983 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $25.36, for a total transaction of $227,808.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Michael Eric Sindicich sold 2,176 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $21.06, for a total transaction of $45,826.56. Following the completion of the transaction, the president owned 548,318 shares in the company, valued at approximately $11,547,577.08. This represents a 0.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,139,153 shares of company stock worth $102,867,420 in the last quarter. Company insiders own 63.39% of the company’s stock.

Navan Price Performance

NASDAQ:NAVN opened at $29.08 on Friday. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $24.14 and a 200 day simple moving average of $17.12. Navan, Inc. has a 1-year low of $8.10 and a 1-year high of $29.42. The stock has a market capitalization of $7.40 billion and a PE ratio of -13.53.

Navan (NASDAQ:NAVN) last announced its quarterly earnings results on Wednesday, June 10th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.20. The firm had revenue of $220.23 million during the quarter. The firm’s revenue was up 39.8% on a year-over-year basis. On average, research analysts expect that Navan, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NAVN. The Goldman Sachs Group upgraded Navan from a “buy” rating to a “buy” rating in a research report on Monday, June 8th. Mizuho upped their price objective on shares of Navan from $25.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, June 11th. Citizens Jmp lifted their target price on Navan from $31.00 to $38.00 and gave the stock a “market outperform” rating in a report on Thursday, June 11th. BMO Capital Markets raised their price target on Navan from $22.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, June 11th. Finally, Jefferies Financial Group raised their target price on shares of Navan from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.07.

Navan Company Profile

Navan (NASDAQ: NAVN) is a technology company that provides an integrated platform for corporate travel, expense management and business payments. The company combines online travel booking and itinerary management with expense reporting, corporate card services and payment processing to help organizations consolidate travel and T&E (travel and expense) workflows into a single system. Navan emphasizes a mobile-first user experience, automated reconciliation and policy controls to simplify administrative processes for finance and travel teams while improving the experience for travelers.

Navan’s offerings typically include online and mobile travel booking, real-time traveler support and duty-of-care features, automated expense capture and reporting, corporate card and virtual card issuance, and tools for payments and invoice management.